CHICAGO (CBS) — The popular McDonald’s Express adjacent to the Loyola Red Line ‘L’ stop has closed, as plans move ahead to upgrade the CTA station and redevelop the land around it.

As recently as earlier this week, the McDonald’s at 6536 N. Sheridan Rd. was still booming. But the Rogers Park News community site reported Thursday that a sign had appeared in the window reading: “Thank you for your business. We are now closed. Please visit us at the Granville and Broadway McDonald’s.”

The exterior signage, including the iconic Golden Arches, had also come down.

The McDonald’s franchise that had been located in the Sheridan Road building shares a common owner with location at Broadway and Granville Avenue mentioned on the sign, Rogers Park News reported.

Loyola University last year announced a plan calling for the demolition of the building that housed the shuttered McDonald’s, which is located just to the north of the CTA station entrance. The building also houses a BMO Harris Bank branch.

Loyola is seeking to replace the building with an open plaza. An artist’s rendering from April 2011 shows that the plaza would include a new entrance to the station built into the elevated embankment on which the trains run, and new building that juts out from the embankment.

The rendering shows building would be separated from Sheridan Road by a plaza with space for pedestrians and outdoor seating or dining.

Durbin last year announced $18.5 million – including $11 million in federal funding – that will be used to upgrade the “dilapidated” Loyola station and begin an environmental study on a broader extension and modernization of the Chicago Transit Authority’s Red and Purple lines.

Durbin said at the time that the funds would be used for upgrades to the viaduct over Sheridan Road, a new station entrance, and a plaza to provide more space between pedestrians and vehicular traffic.

Loyola said in its news release that it planned to contribute an additional $2 million for the open plaza.